Heavily backed neurodegenerative disease biotech Denali Therapeutics and oral chemo biotech Odonate Therapeutics are looking to make hay while the sun shines by filing for two big IPOs.
First up is Denali, which is looking for $100 million, according to its SEC filing. The biotech will list on the Nasdaq under the symbol DNLI. The sum seems pretty small compared to its monster $217 million A round it got off back in 2015, which it followed up with a $130 million series B just over a year later.
Denali is focused on four specific pathways that it sees as triggers or effectors of neurodegeneration: degenogenes (genes that cause neurodegenerative disease when mutated), defective intracellular trafficking, glial dysfunction and axon degeneration. It aims to develop treatment strategies for each of these that are driven by biomarkers.
In its SEC form the California biotech says, “We have a focused yet diversified portfolio that currently consists of six core and five seed programs. Our most advanced program targets LRRK2 for the treatment of Parkinson’s disease and has a product candidate currently in phase 1 development.
“Our next most advanced program targets RIPK1 for the treatment of Alzheimer’s disease and ALS and currently has a product candidate in IND-enabling studies with an IND or CTA filing planned for early 2018. In addition, we have four core programs in preclinical development that use our proprietary BBB platform technology.”
Last year, Denali disclosed a handful of deals that give it access to a range of new tech and approaches to neurodegenerative diseases, headed up by the acquisition of Incro Pharmaceuticals for its RIP1 inhibitor program that’s in-licensed from Harvard University, and a global license with Roche’s Genentech to develop and commercialize LRRK2 inhibitors in Parkinson’s.
AKDL, L.P. is its biggest shareholder, with a 28.1% stake, followed by VC Arch with 15.3%, with fellow VC Flagship taking 12.3%.
And the very quiet biotech Odonate Therapeutics says it too is seeking a Nasdaq listing, and is gunning for a mega $173 million IPO for its work on oral chemotherapy drugs. The San Diego-based biotech, founded in 2013, plans to list under the symbol ODT.